European Investment Bank (EIB) President Dr Werner Hoyer has appreciated the use of Euro 1 billion loan portfolio for Bangladesh since 2000 in areas of shared priorities. He noted, in particular, progress in projects – under implementation – under water treatment and rail link upgradation. Prime Minister Sheikh Hasina held a meeting with the EIB President recently at her hotel suite in Brussels. The prime minister referred to the achievements made so far in ensuring safe water and sanitation for nearly 97 percent of the population in Bangladesh. Also read: ‘Dear PM Hasina, 50th anniversary of EU-Bangladesh relations is the occasion to take our partnership to the next level’ She requested EIB to consider supporting river dredging, water conservation, and surface irrigation. PM Hasina also mentioned the initiatives taken by her government to develop dual-track railway, to promote cost-effective passenger and container traffic. She appreciated the interest of multilateral development banks in financing such impactful connectivity projects. The EIB president referred to the loan package of Euro 250 million signed in 2021, said the Ministry of Foreign Affairs on Thursday (October 26, 2023). He shared that the disbursement of the amount would commence soon for the purpose of health system strengthening. Also read: PM leaves for Belgium Tuesday on a significant EU visit The EIB president observed that Bangladesh was in an ideal situation to roll out vaccine production. The prime minister informed him about the measures taken by the government to develop a vaccine production facility and a molecular testing laboratory. She suggested that EIB extend support for necessary infrastructure development for these initiatives. She reiterated that Bangladesh could support EU’s efforts to diversify production of pharmaceuticals, vaccines and medical equipment. She also discussed possible support measures for combating dengue outbreaks, including through vaccines. The EIB is the largest multilateral public bank in the world. In 2022 it financed around Euro 10.8 billion in investments outside the European Union via EIB Global, the arm of the bank created that year for activities beyond Europe. Since the beginning of its operations in Bangladesh in 2000, the EIB has supported six projects in the country and has invested more than Euro 670 million in water, transport and health projects. Also read: PM Hasina asks EU to extend GSP+ facilities for 6yrs to graduating LDCs like Bangladesh END/UNB/MK/KW

The European Investment Bank (EIB), the bank of the European Union and the largest multilateral lender in the world, will provide €250 million to Bangladesh to support the procurement of safe and effective vaccines and country-wide immunisation against Covid-19.  Vaccination efforts will also include Rohingya refugees from Myanmar currently hosted in Bangladesh.  The financing will help Bangladesh mitigate the health effects of the coronavirus pandemic and enable the country to strengthen its healthcare system and protect its people from Covid-19 with effective vaccines, said the European Union Embassy in Dhaka on Thursday.  These are all key preconditions for continued sustainable economic and social growth. This is the first operation allocated under the €425 million South Asia Public Healthcare Covid-19 programme approved by the EIB in 2021.  This programme aims to provide long-term support for Covid-19 vaccination, pandemic preparedness and health system resilience in Bangladesh, the Maldives and potentially other countries in South Asia.  EIB Vice-President Christian Kettel Thomsen, who is responsible for operations in South Asia, said the EIB is very proud to expand Team Europe support for Bangladesh, ensuring its people are protected from coronavirus with effective vaccines.  Read: EU assures continued trade benefits to Bangladesh after LDC graduation "Together with the €1.3 billion in EIB support already extended to the COVAX vaccine-procurement initiative, operations like these are a key step in accelerating global immunisation and a quick and effective victory over the virus. At the same time, this operation underlines our strong, long-term commitment to working with other members of Team Europe and the government of the People’s Republic of Bangladesh to ensure a safe, green and sustainable future for Bangladesh and its people.” Bangladesh Ambassador to the European Union Mahbub Hassan Saleh said the EIB’s loan of €250 million to the government of Bangladesh for procuring Covid-19 vaccines is the biggest and most significant development in the 22-year long journey of the Bangladesh-EIB partnership.  He said the footprint of the EIB in Bangladesh is becoming larger and expanding into new areas, which would continue in the days ahead and contribute to greater socioeconomic development in the country.  "Climate change, infrastructure and renewable energy are some key areas of importance to Bangladesh and the European Union, where the EIB’s involvement can be robust in the coming days.” EU Ambassador to Bangladesh Charles Whiteley said the substantial support from the EIB that is being confirmed today marks a very welcome addition to the Team Europe partnership with Bangladesh to fight the pandemic.  "EU relations with Bangladesh are expanding in so many fields: from climate change to business, from connectivity to people-to-people relations. This commitment in the health sector is a further signal of the strengthening of our ties," he said.  The operation is covered by the EU EFSD+ Comprehensive Guarantee and its Neighbourhood, Development and International Cooperation Instrument (NDICI). Read: Govt to import 1.490mn MT of refined petroleum Team Europe and the EIB accelerate COVID-19 vaccine deployment across the world. Since the beginning of the coronavirus pandemic in 2020, the EIB has been providing long-term financing to support national healthcare systems, including to accelerate local vaccine deployment in countries throughout the world.  The EU bank has been supporting vaccine research and production as well as COVID-19 diagnosis and treatments.  With EIB innovative cost-sharing financial instruments and contributions from the European Commission and EU countries, Team Europe has committed more than €3 billion to COVAX, the largest vaccine procurement and supply operation in the history of the world.  Europe is exporting more vaccines than any other region in the world, with the EIB actively supporting build-up of vaccine production capacities in less developed regions across the globe. In January 2022, COVAX delivered the 1 billionth COVID-19 vaccine dose, following distribution of the life-saving vaccines to some 144 countries. As part of its global COVID-19 response in 2021, the EIB Group increased its financing for the health and life sciences sector to almost €5.5 billion, with €1 billion invested into health and life sciences funds. Overall, more than 780 million people around the world will benefit from improved health services, including COVID-19 vaccines, made possible by EIB financing. EIB Global: a new partner for Team Europe  Last year, the EIB Group provided €8.1 billion of financing to projects in more than 160 countries outside the European Union including Bangladesh, bringing the total amount of investments outside the EU to more than €1.5 trillion.  In January 2022 the EIB announced the establishment of EIB Global, its branch dedicated to international partnerships and development finance.  EIB Global will bring together all of the EIB’s resources and expertise gained outside the European Union under a clear management structure that can make a stronger, more focused contribution to Team Europe projects and initiatives.  The first regional hub of EIB Global opened in Kenya’s capital Nairobi, with more offices planned as the EIB strengthens its presence in developing countries, including offices in Jakarta, Indonesia and Suva, Fiji.

European Union and its other financial institutions including European Investment Bank (EIB) have expressed keen interest to finance the country’s green energy and energy efficiency projects.   They expressed their interest during the launch of the Team Europe Initiative on Green Energy Transition (TEI GET) in Bangladesh at a virtual function on Wednesday (June 23, 2021) in the city. Welcoming the launch of the TEI GET, State Minister for Power, Energy and Mineral Resources Nasrul Hamid said Bangladesh has set a target to generate 40 percent of electricity from renewable sources by 2040. Read Solar power plant in Manikganj starts commercial operation “We want technological and financial support from the EU to achieve the goal with its huge experience in the field”, he said. The function was also addressed by Rensje Teerink, Ambassador of the EU Delegation, head of cooperation of German Embassy Caren Blume, European Investment Bank representative Donal Cannon and German agency FfW’s representative Anirben Kundu, and Sustainable and Renewable Energy Development Authority (Sreda) Chairman Mohammad Alauddin.    It was informed that TEI GET is one of two flagships of the international Team Europe approach, which provides strategic European responses to the challenges faced by Europe`s partner countries. Also read: Move for setting up national renewable energy lab The current amount of activities of TEI GET adds up to EUR 930.6million (equivalent to around Tk 9378.7crore) to promote investment in green energy and energy efficiency projects. In Bangladesh, the Team Europe initiative on Green Energy Transition is co-chaired by Germany and the Delegation of the European Union (EU). It aims at supporting Bangladesh to build a power system that leads to maximum coverage of the country’s energy demand through renewable energy. It also intends to reduce CO2 emissions, energy consumption and demand through energy efficiency. Read Bangladesh’s single largest rooftop solar power plant inaugurated in Korean EPZ Nasrul Hamid said Bangladesh took up 52 solar projects and only 3-4 were implemented due to various obstacles including high cost, and scarcity in lands. “But Bangladesh is very much committed to achieve the renewable energy target and has already dropped some coal-fired power plants from the implementation list as a move to reduce dependency to fossil fuel”, he said. He said technology is changing so fast and  cost is coming down will help Bangladesh to achieve the new goal. Also read: Promotion of renewable energy requires common international platform: Nasrul Rensje Teerink said the Team Europe initiative draws on the wealth of Team Europe’s expertise in Renewable Energy. “It pulls resources together and provides an opportunity to combine the most appropriate mix of implementing modalities to obtain maximum results. It shows that multilateralism works”, she added. The EIB representative said trans-border electricity transmission, energy storage and energy efficiency projects could be potential areas of investment. Read Solar Home System: IDCOL partners seek govt intervention in loan write-off issue “But the projects must be designed appropriately maintaining international standards to attract investment from the EIB”, he added.